Banner Corp. in Walla Walla, Wash., has named a trio of banking industry executives to its board, including the former chief financial officer at Zions Bancorp.
The $9.8 billion-asset Banner appointed David Matson, Roberto Herencia and Doyle Arnold to its board this week, according to a news release.
Banner appointed Arnold to the board as part of a November 2014 agreement with Oaktree Capital Group Holdings in Los Angeles, according to a regulatory filing. Arnold retired last year as CFO of the Salt Lake City-based Zions. Arnold is also a director of Group 1 Automotive in Houston and a trustee of Rice University in Houston.
As part of its agreement, Oaktree was granted the right to name a director to Banner's board, as long as the group owns at least 5% of the company. Oaktree owned about 7.6% of Banner as of Feb. 25.
Banner named Matson and Herencia to its board as a condition of its October acquisition of Starbuck Bancshares and its subsidiary, AmericanWest Bank in Spokane, Wash.
Matson is a director of the $13 billion-asset First BanCorp PR in Puerto Rico and is chairman of its risk and audit committees. Previously he was a director of Starbuck Bancshares.
Herencia is chief executive of BXM Holdings, a Chicago investment fund that specializes in community banks. He was also an AmericanWest director. Herencia is also chairman of both First BanCorp in Puerto Rico and the $2.5 billion-asset Byline Bancorp in Chicago.